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Hong Kong home prices slump to lowest in 7 years, official index shows, with little relief in sight in 2024
- The private residential price index stood at 316 points in November, the lowest level since February 2017
- Prices in 2024 will follow an ‘L shape’, dipping 3 to 5 per cent in the first half then stabilising, says Martin Wong at Knight Frank
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The housing market in Hong Kong continued to decline, with prices in November falling for the seventh month in a row to their lowest level in almost seven years, according to government data.
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Property agents said house prices would continue to decline in December as the city’s slowing economy and high interest rates undercut demand.
The private residential price index stood at 316 points in November, the lowest level since February 2017 and a sharp drop from 322.4 points in October, according to the Rating and Valuation Department. The gauge has fallen every month since May, racking up a cumulative 10.78 per cent loss.
In the first 11 months of the year, property prices fell by 5.59 per cent.
Things have not improved this month, according to Derek Chan, head of research at Ricacorp Properties.
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“Home prices in December continue to fall, making a full year decline of 7 per cent,” he said.
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